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You put $28 in an account. The account earns $0.21 simple interest in 6 months. What is the annual interest rate?

You put $28 in an account. The account earns $0.21 simple interest in 6 months. What is the annual interest rate?
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10 votes
You put $28 in an account. The account earns $0.21 simple interest in 6 months. What is the annual interest rate?

asked
User Daniel Estrada
by
7.8k points

1 Answer

4 votes

Answer:

The account had an initial balance of $2,500 and compounds yearly at an annual interest rate of 2.1%.

Explanation:

answered
User Oleg Chirukhin
by
9.2k points
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